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A Major Win for Upstate Exporters

Posted by: Jason Zacher on Thursday, December 21, 2017

The U.S. Senate Committee on Banking, Housing and Urban Affairs rejected Scott Garrett’s nomination to be chairman of the Export-Import Bank. This is a major victory for the nearly 20,000 South Carolina jobs that depend on the bank – from major multinational corporations to the small manufacturers that are the backbone of the Upstate economy. In the Upstate alone, 22 businesses used the bankthrough 2014 (while it still had a quorum) to export $385.2 million in goods. Of that total, more than $132 million went to small, minority-owned, or women-owned businesses.

The Banking committee did approve four other Board nominees – Kimberly Reed, Spencer Bachus, Judith Pryor and Claudia Slacik. If they are confirmed by the full Senate, it will finally give the Ex-Im Bank a quorum, which will allow it to approve deals of greater than $10 million for the first time in years. There are more than $40 billion in “Made in the USA” business deals waiting on that quorum to be seated.

While the bulk of the number of loans go to small manufacturers and exporters, it is true that the two biggest beneficiaries in dollar terms are General Electric and Boeing — which are two of South Carolina’s largest private employers.

A GE spokesman told The Hill that the vote against Garrett is “a milestone for manufacturers across the U.S. whose customers require a fully functioning Ex-Im Bank. We urge the full Senate to move quickly on behalf of U.S. workers and companies of all sizes to guarantee the Bank can once again operate at full strength.”

We have long supported the Export-Import Bank and will continue to do so. We fully support the four nominees who were approved yesterday and look forward to working with Senators Graham and Scott on their quick confirmation.